FCC approves media ownership ban waiver for Tribune

FCC approves media ownership ban waiver for Tribune

Michelle Clancy | 18-11-2012

The Federal Communications Commission (FCC) has approved Tribune Company's request for a permanent waiver of the ban on cross-ownership of both a daily newspaper and a TV network in Chicago, and temporary waivers in New York, Los Angeles, South Florida and Hartford, Connecticut.

The action clears the way for the Tribune to port its existing media ownership profiles to a new operating company as it emerges from bankruptcy. It had been operating under exceptions from the 1975 ban on media ownership, which will expire as the old company sunsets.

"We are extremely pleased with today's action by the FCC," said Eddy Hartenstein, Tribune's CEO. "This decision will enable the company to continue moving forward toward emergence from Chapter 11, a process we expect to complete over the course of the next several weeks."